The Tourism Authority of Thailand (TAT) plans to negotiate with the country's Securities and Exchange Commission (SEC) to launch the TAT Coin, a utility token aimed at promoting "cryptocurrency tourism," The Bangkok Post reports.
Issues discussed within the initiative include user protection and the fight against cybercrime.
The ecosystem created on the basis of the local crypto exchange Bitkub will give an additional boost to the country's GDP growth.
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According to the platform's CEO Jirayut Srupsrisop, cryptocurrency investors can work remotely and generate income using blockchain technology. Thailand can become a livable place with "vivid travel experiences" for such "nano entrepreneurs." He added:
"Private sectors are ready to provide digital infrastructure, but we're just waiting for the government to press the button by enacting laws, regulations or even policies to help facilitate digital asset markets. Our national GDP could grow six times if we can strengthen this market."
According to TAT Director Yuthasak Supasorn, "cryptocurrency tourism" will support the post-pandemic recovery of the tourism industry, which is experiencing difficulties in attracting funds from traditional sources.
The TAT Coin will allow users to send money directly to tour operators, bypassing intermediaries. The agency can become a guarantor by issuing a token and attracting partner hotels to distribute room quotas in exchange for the TAT Coin.
The Tourism Authority of Thailand announced its intention to launch its own token in September.